Chic vs. Geek: Active Listening

Do real estate agents take into account feedback from prospective buyers they meet during open houses?

CHIC (PEARL)

The short answer: Absolutely! We had more than 160 people come through our latest open house each day over the weekend, and I talked to almost every one of them. What I heard was that the right light fixtures can make the house feel totally elevated. This house definitely has that vibe and more thanks to a series of unique skylights and recessed ceiling lights. And it only took a small investment from the total renovation budget to make a huge improvement that makes a great first impression.

GEEK (KEVIN)

What I learned was how much people love cooking on gas stoves. I can’t say that I blame them. But with many cities starting to ban natural gas appliances in new homes, the only way to get that new gas stove you saw on that cooking show is to renovate a home with existing gas service. So if you want to get your chef on, you should consider buying a newly remodeled home instead of starting from scratch. Or you could go green with an induction stove top. Either way, we’ll help guide you home.

Chic vs. Geek: HomeReady Mortgage

Are you a first-time homebuyer without a lot of money for a down payment? Fannie Mae has a program that might work for you, but there are pros and cons...

CHIC (PEARL)

Fannie Mae’s HomeReady program can help you make a property pencil out with a low 3% down payment and additional flexibility to apply gifts, grants, and cash-on-hand to your down payment and closing costs. You also get the benefits of affordable and cancelable mortgage insurance — unlike FHA loans — and valuable homeownership education so you understand all of the factors at play. Check this quick start guide for more.

GEEK (KEVIN)

So what’s the downside? Well, you need a good credit score just to qualify for a HomeReady loan, and there are income restrictions that could leave you on that bubble of making too much to meet the limit but not enough to make the purchase work. And a lower down payment means additional financing and higher interest rates, which may not fit your monthly budget. Find out if you qualify using this simple map tool.

Property taxes are on the rise, so what can you do?

High housing turnover and sluggish government revenue during the pandemic is leading to spikes in property tax bills. California property owners who stay put are protected by Prop 13. But what about first-time homebuyers trying to make a purchase pencil out? Realtor.com has some suggestions.

Chic vs. Geek: Making a Winning Offer

Homebuyers in today’s market are facing steep competition. Low interest rates, pandemic-prompted home shopping, and extra lean inventories are colliding to fuel high demand. And according to the California Association of Realtors, one of the fiercest markets is the Bay Area. So what does it take to make a winning offer?

CHIC (PEARL)

Lately, we’ve seen a lot of buyers' fatigue and clients who wanted to give up. We’ve also been in multiple bid situations that went more than 40% above the listing price. Here’s how to stay competitive:

Position your financing like a cash offer – Offers with non-contingent financing are proving just as strong as all-cash, and down payments over 30% are very competitive.

Bring your best offer, not your best price – Stand out with a flexible or quick closing date, depending on the seller's preference.

Find a good communicator – Your agent's relationship with the listing agent could make all the difference in negotiating a mutually beneficial offer.

GEEK (KEVIN)

That’s all good, but what is it’s still not enough to get the job done?

Consider waving and/or minimizing contingencies – This can be a gamble, but it's growing more prevalent. That’s why it’s important to have an agent to guide you.

Put more skin in the game – Pay the initial 3% deposit within one day of your offer being accepted, buy a one-year home warranty, and more.

Know when to walk away – In the end, you may get out-bid, no matter how strong your offer or how well positioed. Sometimes the smartest move is moving on.

Want to learn more?

Chic vs. Geek: What's in a name?

What’s the difference between a Realtor and a real estate agent?

CHIC (PEARL)

This is a riddle that many of our clients aren’t sure how to answer because the titles are often used interchangeably. Both agents and REALTORS® are licensed to sell real estate, but each title refers to a specific type of real estate professional, and there are key distinctions between the two. For our clients, the most important difference is the level of professional standards. Anyone can become a real estate agent by studying, taking a test, and obtaining a license. Becoming a REALTOR® takes a whole new level of commitment to your clients and your work. You can find a local REALTOR® using this search tool.

GEEK (KEVIN)

“REALTOR®” is actually a trademarked term for real estate agent who is an active member of the National Association of Realtors (NAR), the largest trade association in the United States. New members attend an orientation and agree to abide by NAR’s Code of Ethics & Standards of Practice, which outlines our duties to clients, the public and other REALTORS®. The code includes 17 Articles, 71 supporting Standards of Practice, and 131 explanatory case interpretations. It’s based on the “Golden Rule” and requires that REALTORS® cooperate to further the best interests of consumers and their clients.